Q4’s current account deficit came in better than expected, continuing Q3’s improvement to $0.7B on the back of an improved trade balance.

The financial account surplus grew significantly, with $40B of net inflows into Canadian securities led by demand for government bonds ($34B)…

… with some help from equities ($6B). That translated to corporate investment, which rose to $25B on the back of elevated M&A ($16B) - driving the highest annual FDI since 2007 (and a number of Canadian takeouts).

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